HCM City's economy grows between 9.5% to 10%

Saturday, Oct 31, 2015 08:15

A view of HCM City. — Photo ndh

HCM CITY (Biz Hub) — HCM City's GDP growth rate for the first 10 months of the year was between 9.5 and 10 per cent, according to a report released at a meeting of the People's Committee held on Thursday.

During the period, the city saw sharp increases in total retail sales and service turnover as well as successful trade and investment promotions. Price indexes also remained under control.

The city's industrial production continued to expand, particularly in manufacturing, according to the report.

Tax payments in the first 10 months amounted to nearly VND226 trillion (US$10 billion), a year-on-year increase of 4.28 per cent, accounting for 84.96 per cent of its target.

Su Ngoc Anh, deputy director of the HCM City Department of Planning and Investment, said in the first 10 months of 2015, the city attained total retail sales of over VND505 trillion ($22.4 billion), up by 10.6 per cent compared with 2014, import/export turnover of $25.46 billion, and industrial development index of 7.4 per cent.

The city also received 3.6 million foreign visitors, up by 4.6 per cent over last year.

Registrations for establishing new businesses increased by over 30 per cent in terms of number of new firms, and over 40 per cent in registered capital.

Many of these were new businesses in the service, industrial and construction sectors.

The city authority also granted licences to 464 new foreign-direct invested projects, up by 39.8 per cent over 2014, with total registered capital of $2.43 billion.

Addressing the meeting, the chairman of HCM City People's Committee, Le Hoang Quan, asked city agencies and departments to help resolve any problems affecting businesses.

The city plans to tighten spending on public investments next year, he said. — VNS

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